The board of drill-rig contractor Seadrill has decided to make a mandatory bid for the remaining shares of harried counterpart Eastern Drilling, and, by day’s end Tuesday, will have raised $150 million in the market to help afford the move.

Brokers Carnegie and Pareto Securities will guide the offering, which Seadrill said will help ward off the risk of paying too much of Oslo Stock Exchange’s daily penalty of NOK2 million for each day it does not put forth a new bid for the company it once appeared bent on taking over, according to the Exchange’s Appeals Committee.

The Bermuda-registered Seadrill will offer Eastern shareholders NOK135 per share for the remaining shares in the company and “favourable terms” for two of Eastern’s four deepwater drill rigs, it was understood. Seadrill gave shareholders one month to accept, pending the Exchange’s approval of the idea.

Four of eight Seadrill rigs being built are already contracted for, including two of Eastern’s.

ws@oilgas24.com